Abu Dhabi hits record high again on Q2 corporate earnings

Abu Dhabi stocks rose to a record high on Monday, led by gains in conglomerate International Holding (IHC), while other major Gulf markets were subdued in absence of fresh catalysts.

In Abu Dhabi, the index gained 0.95 per cent to 7,572.82 points, with International Holding advancing 3.3 per cent at Dh141 per share following a surge in its first-half net profit. IHC reported a net profit of Dh4.36 billion ($1.2 billion), up from Dh814 million year ago.

The firm’s market capitalisation hit Dh201.7 billion, in late June, making it Abu Dhabi’s most valuable listed company, after the market debut of Alpha Dhabi, in which IHC holds a 45 per cent stake. AlphaDhabi shares dropped by one per cent at Dh29.2.

Among other gainers, Abu Dhabi National Insurance Company (Adnic) shares surged six per cent to Dh5.44 per cent after announcing a strong 31.1 per cent growth in first-half net profit to Dh248.7 million. Aldar shares rose 0.24 per cent at Dh4.19.

In banking sector, First Abu Dhabi Bank and Abu Dhabi Commercial Bank climbed 0.96 per cent and 2.19 per cent, respectively.

DFM recovers

Dubai’s main share index rose 0.5 point or 0.01 per cent at 2,823.35 points, with blue-chip developer Emaar Properties losing 1.46 per cent and Emarr Malls retreating two per cent. Emirates NBD shares rose 1.87 per cent to Dh13.6.

Daniel Takieddine, senior market analyst at FXPrimus. said GCC markets displayed quite a high level of volatility as they opened lower and then seesawed throughout the day.

“Equities in the region were impacted by the oil prices retreat globally and Covid uncertainties returning as a priority,” Takieddine said.

He said the Dubai stock market fell a couple of points after the start of the trading session even though economic fundamentals remained positive. The main index fell as individual stock performances were more pronounced on the downside. Price increases were recorded on only a couple of tickers. However, the DFM was able to recover to a certain extent in the second half of the day.

-- muzaffarrizvi@khaleejtimes.com